Switzerland achieves positive results from Egypt’s economic reform program
Egyptian Finance Minister Mohamed Maait met with his Swiss counterpart Ueli Maurer to review the positive results of Egypt’s economic reform program.
Maait met Maurer and the accompanying Swiss minister’s delegation, which included a number of representatives from banks and insurance companies.
He said the Egyptian state has successfully and effectively implemented the economic reform program, which has been applauded by international finance and classification institutions.
The International Monetary Fund (IMF) led the praise, which noted that the Egyptian economy had gained flexibility in the face of the novel coronavirus (COVID-19) crisis.
Maait pointed out that the results of the financial indicators of the Egyptian economy have been confirmed by the International Monetary Fund (IMF), following the recent review of the credit readiness program.
The minister confirmed that these indicators exceeded expectations and targets, which illustrates the strong performance of the Egyptian government on financial policies, reflected by the growing confidence of foreign investors.
He praised the cooperation between the two parties in the areas of partnership with the private sector, public debt management and the development of public finance management of the State. He also expressed his aspiration to strengthen the means of joint cooperation between the two countries.
Maait added that Egypt aims to reduce the total budget deficit for fiscal year (FY) 2020/21 to 6.7%, while increasing the growth rate to 5.4%. The country is also aiming to achieve a primary surplus of 1.5%, adding that Egypt has managed to handle the COVID-19 crisis with great professionalism.
This was done with the help of a flexible proactive policy, to achieve the desired balance between preserving the health of citizens and continuing the economic cycle.
He pointed out that Egypt was one of the first countries to successfully implement the electronic invoice system. So far, more than 1,642 companies have joined the system, collecting more than 18 million electronic documents.
For his part, Maurer praised the success of the economic reform program, which has had a positive impact on the Egyptian economy, and has given it the capacity to cope with the repercussions of the pandemic.
The minister noted that his country had succeeded in combating the effects of COVID-19 thanks to the strength of the state’s economy, resulting from the linking of the banking and insurance sectors.
Maurer said his government was seeking to improve the means of cooperation with Egypt in various areas, including: green finance; modernize the means of payment; develop capital markets; develop and modernize tax and customs systems; information security; and data protection and analysis.
For their part, the representatives of banks and insurance companies accompanying Maurer affirmed their interest in the Egyptian market. They aim to take advantage of promising economic opportunities, especially in light of the large youth population in Egypt.
Maait and Maurer agreed to start the dialogue in the coming period to strengthen the different areas of joint cooperation related to finance.
The Swiss minister invited Maait to visit the Swiss capital, Bern, to follow their discussions on various international financial issues and developments of common interest.